Advances in the financial and information technology industries have transformed the way items, such as automobiles, are bought and sold. Automobiles, for example, were once almost exclusively purchased after a prospective buyer ventured onto the lot of the local car dealership. The dealer generally controlled the entire sales process, and there was little transparency in the process for the buyer. Buyers typically had no choice but to defer to whatever financing options and terms the dealer offered.
The digital revolution has lifted the veil on many aspects of the automobile purchase process. Buyers now possess power and leverage that they previously lacked, including increased ability to shop around and have dealers compete for their business. Buyers may even have the ability to secure approved financing from a financial service provider before even setting foot on the dealer's lot. In many cases however, even financing approved in advance lacks flexibility. If a buyer's personal circumstances change after the approval process, or even if they simply change thei mind and select a different car than the one for which they received approval, power once again shifts to the dealer, who can alter the previously approved financing to make more profit at the buyer's expense.
Accordingly, a need exists in the current marketplace to provide buyers of items, particularly automobiles, the ability to be approved in advance for financing yet retain the ability to modify terms of the financing up through completion of the sale.